President Bush-it says no recession

Posted on Feb 28, 2008 by CHESSNOID in Uncategorized | 6 Comments

If you live anywhere in the United States or have access to tv or if you buy gasoline, then you are aware of the recession we are in. For the President to just plain deny it is just bushit. Yeah, I think that sounds funny too. A great play on words. OK, I will calm down. If you look at the recent headlines of all the billions of dollars lost in the housing market, the price of crude oil breaking $100 a barrel, and the massive layoffs, then how can the president just flat out deny it. This from the man who vehemently said there were weapons of mass destruction in Iraq and wasted even more of our resources and soldiers lives for the wrong reasons.

Look at all these AP business news headlines below. You don’t see those type of headlines on a daily basis when you are in a booming economy.

Stocks End Lower on Jobs, Bank Worries – AP – 2 hours, 52 minutes ago
Stocks sank Thursday as investors fretted over a rise in unemployment claims and the prospect of more bank failures. The Dow Jones industrial average fell 112 points, breaking its four-day winning streak.

Paulson Rejects Government Bailouts – AP – Thu 4:14 pm ET
Treasury Secretary Henry Paulson said Thursday that many proposals being put forward to deal with the housing slump would do more harm than good.

Oil Surges Above $102 As Dollar Weakens – AP – Thu 3:30 pm ET
Crude prices extended their march into record high territory Thursday, shooting up more than $2 a barrel as a falling dollar and the prospect of lower interest rates attracted more investors to the oil market.

New Day, New Lows for Dollar – AP – Thu 4:17 pm ET
The dollar dipped further Thursday, reaching a new low against the euro, after data confirmed that the U.S. economy nearly braked to a halt at the end of last year — limiting the Fed’s options as it tries to steer through the housing and credit crises.

Freddie Mac Posts $2.5B Loss in 4Q – AP – Thu 4:31 pm ET
Freddie Mac on Thursday said its loss widened to $2.5 billion in the fourth quarter of 2007 as mortgage defaults mounted and falling interest rates hurt certain investments.

Sprint Nextel Posts Larger $29.5B Loss – AP – 2 hours, 48 minutes ago
Sprint Nextel Corp. showed more signs Thursday that its recovery will be long and painful as it recorded a massive fourth-quarter loss, predicted continued customer weakness and pulled the plug on paying dividends.

AIG Posts $5.3B Loss in 4Q – AP – 29 minutes ago
American International Group Inc., the largest insurer in the U.S., lost more than $5 billion in the fourth quarter as bad credit ate into its investments, the company said Thursday.

Dell 4Q Profit Declines on Slower Growth – AP – 1 hour, 23 minutes ago
Dell Inc.’s fourth-quarter profit dropped 6.4 percent and fell short of Wall Street expectations, and the personal computer maker cautioned that more cautious spending by U.S. customers and higher costs could hurt its business.

Sears, Kohl’s See 4Q Profits Fall – AP – 1 hour, 28 minutes ago
More evidence of a consumer spending malaise surfaced Thursday as Sears Holdings Corp. and Kohl’s Corp. reported double-digit profit drops in the fourth-quarter.

6 Comments

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Alex, February 28, 2008:

Slumps in tech and financial firms does not mean a recession. Slumps in the Dollar also do not denote a recession.

The U.S. economy has been over inflated for quite some time, it had to level off eventually…
CHESSNOID, February 28, 2008:

Hi Alex,

“Recession” is defined as a decline in real gross domestic product for two consecutive quarters. The current headlines highlight this definition. As each government economic report will continue to confirm.

These are not just slumps in tech and financial firms. These are contractions in numerous industries across the board, higher costs of all goods and services, and massive layoffs. Look at the headlines. Look at how much you pay for your groceries, your gas, etc. Don’t believe all the presidential “BUSH-IT” you hear.

Cheers!
Alex, February 29, 2008:

I don’t believe the vast majority of the “BUSH-IT” you hear in the news, but your definition of a recession is incorrect. Believe it or not there are whole segments of our government dedicated to determining what is and isn’t a recession. Most of the time they botch it pretty badly. Recessions are something that is only easily determinable in hindsight. I’m just trying to point out that a slowing of an economy performing above levels it can support…is not necessarily a recession. Give it some time before you run for the hills.
David, February 29, 2008:

I WOULD LOVE TO SEE CONGRESS GET INTO ACTION IF THEY HAVE ANY IDEAS WHICH IT SEEMS THE ONLY THING THEY CAN DO IS COMPLAIN. I REMEMBER HEARING THE DEMOCRATS
TELL US IN THE LAST ELECTION IF THEY WERE
IN CONTROLL OF CONGRESS THEY WOULDNT BE A VIDICTIVE CONGRESS, THAT WE WOULDNT BE GETTING GOUGED AT THE PUMP AND A LONG LIST OF POSITVIES THEY PROMISED. I BELEIVE GAS
PRICES ARE HIGHER NOW THEN BEFORE THERE
PROMISES AND THEY HAVE SEPNT MORE TIME
ON CLEANING UP SPORTS AND WHY A FEW US ATTORNEY’S WERE FIRED WHICH HAS BEEN FOR
OVER 200 YEARS THE RIGHT OF ANY PRESIDENT
TO DO. NO ONE COMPLAINED WHEN CLINTON DID IT. YOU TALK HUGE WASTE OF RESOURCES WHEN
THERE ARE MORE IMPORTANT ISSUES. SMILES FROM THE NORTHWEST
CHESSNOID, February 29, 2008:

Hi Alex,
The official “recession” can be easily felt when you are living in it. We don’t actually need the government reports after the fact to confirm the effects on our wallets.
A slowing economy is definitely what we are in. If you don’t want to call it a recession until 2 quarters from now, it’s all good. But it is still a recession.
Thanks for the comment.
Cheers!
CHESSNOID, February 29, 2008:

Hi David,
You need to give the President you voted for twice more credit for the mess he created. He doesn’t even know the price of gas per gallon let alone know we are experiencing a slow down in the economy. That’s because he has been visiting Africa either looking for terrorists or oil. HA HA.
As for Congress, Both the Republicans and Democrats get an F. I blame them all for supporting many of the president’s decisions that put us in this mess. He holds the most powerful office in the United States and deserves credit when things are going good as well as when it is crap. The economy is a BUSH-IT economy right now.

I agree on the baseball stuff, they can all take steroids and the public doesn’t care. These hearings remind me of when the Rebublicans were on a witch hunt to nail Clinton because of the Lewinski scandal. No one gives a crap. The Republican Congress wasted more money then and failed to get him to boot. We all know he cheated. Big deal. We had a budget surplus and the economy was booming.

On a more personal note, I don’t really care if Congress are all dems or reps. Congress is 50/50 right now. The only thing I want to happen is for the troops to come home. That will solve many problems. This was a major reason why the Republican senators and reps were voted out 2 years ago, because the American people are tired of the BUSH-IT war. Congress failed to get our troops home and Bush was ready to veto any bill asking for troop withdrawals.

Always good to hear from you David,
Cheers!